IN obedience
to the will of the people, and in their presence,
by the authority vested in me by this oath, I
assume the arduous and responsible duties of President
of the United States, relying upon the support
of my countrymen and invoking the guidance of
Almighty God. Our faith teaches that there is
no safer reliance than upon the God of our fathers,
who has so singularly favored the American people
in every national trial, and who will not forsake
us so long as we obey His commandments and walk
humbly in His footsteps.

The responsibilities of the high
trust to which I have been calledalways
of grave importanceare augmented by the
prevailing business conditions entailing idleness
upon willing labor and loss to useful enterprises.
The country is suffering from industrial disturbances
from which speedy relief must be had. Our financial
system needs some revision; our money is all good
now, but its value must not further be threatened.
It should all be put upon an enduring basis, not
subject to easy attack, nor its stability to doubt
or dispute. Our currency should continue under
the supervision of the Government. The several
forms of our paper money offer, in my judgment,
a constant embarrassment to the Government and
a safe balance in the Treasury. Therefore I believe
it necessary to devise a system which, without
diminishing the circulating medium or offering
a premium for its contraction, will present a
remedy for those arrangements which, temporary
in their nature, might well in the years of our
prosperity have been displaced by wiser provisions.
With adequate revenue secured, but not until then,
we can enter upon such changes in our fiscal laws
as will, while insuring safety and volume to our
money, no longer impose upon the Government the
necessity of maintaining so large a gold reserve,
with its attendant and inevitable temptations
to speculation. Most of our financial laws are
the outgrowth of experience and trial, and should
not be amended without investigation and demonstration
of the wisdom of the proposed changes. We must
be both "sure we are right" and "make
haste slowly." If, therefore, Congress, in
its wisdom, shall deem it expedient to create
a commission to take under early consideration
the revision of our coinage, banking and currency
laws, and give them that exhaustive, careful and
dispassionate examination that their importance
demands, I shall cordially concur in such action.
If such power is vested in the President, it is
my purpose to appoint a commission of prominent,
well-informed citizens of different parties, who
will command public confidence, both on account
of their ability and special fitness for the work.
Business experience and public training may thus
be combined, and the patriotic zeal of the friends
of the country be so directed that such a report
will be made as to receive the support of all
parties, and our finances cease to be the subject
of mere partisan contention. The experiment is,
at all events, worth a trial, and, in my opinion,
it can but prove beneficial to the entire country.

The question of international bimetallism
will have early and earnest attention. It will
be my constant endeavor to secure it by co-operation
with the other great commercial powers of the
world. Until that condition is realized when the
parity between our gold and silver money springs
from and is supported by the relative value of
the two metals, the value of the silver already
coined and of that which may hereafter be coined,
must be kept constantly at par with gold by every
resource at our command. The credit of the Government,
the integrity of its currency, and the inviolability
of its obligations must be preserved. This was
the commanding verdict of the people, and it will
not be unheeded.

Economy is demanded in every branch
of the Government at all times, but especially
in periods, like the present, of depression in
business and distress among the people. The severest
economy must be observed in all public expenditures,
and extravagance stopped wherever it is found,
and prevented wherever in the future it may be
developed. If the revenues are to remain as now,
the only relief that can come must be from decreased
expenditures. But the present must not become
the permanent condition of the Government. It
has been our uniform practice to retire, not increase
our outstanding obligations, and this policy must
again be resumed and vigorously enforced. Our
revenues should always be large enough to meet
with ease and promptness not only our current
needs and the principal and interest of the public
debt, but to make proper and liberal provision
for that most deserving body of public creditors,
the soldiers and sailors and the widows and orphans
who are the pensioners of the United States.

The Government should not be permitted
to run behind or increase its debt in times like
the present. Suitably to provide against this
is the mandate of dutythe certain and easy
remedy for most of our financial difficulties.
A deficiency is inevitable so long as the expenditures
of the Government exceed its receipts. It can
only be met by loans or an increased revenue.
While a large annual surplus of revenue may invite
waste and extravagance, inadequate revenue creates
distrust and undermines public and private credit.
Neither should be encouraged. Between more loans
and more revenue there ought to be but one opinion.
We should have more revenue, and that without
delay, hindrance, or postponement. A surplus in
the Treasury created by loans is not a permanent
or safe reliance. It will suffice while it lasts,
but it can not last long while the outlays of
the Government are greater than its receipts,
as has been the case during the past two years.
Nor must it be forgotten that however much such
loans may temporarily relieve the situation, the
Government is still indebted for the amount of
the surplus thus accrued, which it must ultimately
pay, while its ability to pay is not strengthened,
but weakened by a continued deficit. Loans are
imperative in great emergencies to preserve the
Government or its credit, but a failure to supply
needed revenue in time of peace for the maintenance
of either has no justification.

The best way for the Government
to maintain its credit is to pay as it goesnot
by resorting to loans, but by keeping out of debtthrough
an adequate income secured by a system of taxation,
external or internal, or both. It is the settled
policy of the Government, pursued from the beginning
and practiced by all parties and Administrations,
to raise the bulk of our revenue from taxes upon
foreign productions entering the United States
for sale and consumption, and avoiding, for the
most part, every form of direct taxation, except
in time of war. The country is clearly opposed
to any needless additions to the subject of internal
taxation, and is committed by its latest popular
utterance to the system of tariff taxation. There
can be no misunderstanding, either, about the
principle upon which this tariff taxation shall
be levied. Nothing has ever been made plainer
at a general election than that the controlling
principle in the raising of revenue from duties
on imports is zealous care for American interests
and American labor. The people have declared that
such legislation should be had as will give ample
protection and encouragement to the industries
and the development of our country. It is, therefore,
earnestly hoped and expected that Congress will,
at the earliest practicable moment, enact revenue
legislation that shall be fair, reasonable, conservative,
and just, and which, while supplying sufficient
revenue for public purposes, will still be signally
beneficial and helpful to every section and every
enterprise of the people. To this policy we are
all, of whatever party, firmly bound by the voice
of the peoplea power vastly more potential
than the expression of any political platform.
The paramount duty of Congress is to stop deficiencies
by the restoration of that protective legislation
which has always been the firmest prop of the
Treasury. The passage of such a law or laws would
strengthen the credit of the Government both at
home and abroad, and go far toward stopping the
drain upon the gold reserve held for the redemption
of our currency, which has been heavy and well-nigh
constant for several years.

In the revision of the tariff especial
attention should be given to the re-enactment
and extension of the reciprocity principle of
the law of 1890, under which so great a stimulus
was given to our foreign trade in new and advantageous
markets for our surplus agricultural and manufactured
products. The brief trial given this legislation
amply justifies a further experiment and additional
discretionary power in the making of commercial
treaties, the end in view always to be the opening
up of new markets for the products of our country,
by granting concessions to the products of other
lands that we need and cannot produce ourselves,
and which do not involve any loss of labor to
our own people, but tend to increase their employment.

The depression of the past four
years has fallen with especial severity upon the
great body of toilers of the country, and upon
none more than the holders of small farms. Agriculture
has languished and labor suffered. The revival
of manufacturing will be a relief to both. No
portion of our population is more devoted to the
institution of free government nor more loyal
in their support, while none bears more cheerfully
or fully its proper share in the maintenance of
the Government or is better entitled to its wise
and liberal care and protection. Legislation helpful
to producers is beneficial to all. The depressed
condition of industry on the farm and in the mine
and factory has lessened the ability of the people
to meet the demands upon them, and they rightfully
expect that not only a system of revenue shall
be established that will secure the largest income
with the least burden, but that every means will
be taken to decrease, rather than increase, our
public expenditures. Business conditions are not
the most promising. It will take time to restore
the prosperity of former years. If we cannot promptly
attain it, we can resolutely turn our faces in
that direction and aid its return by friendly
legislation. However troublesome the situation
may appear, Congress will not, I am sure, be found
lacking in disposition or ability to relieve it
as far as legislation can do so. The restoration
of confidence and the revival of business, which
men of all parties so much desire, depend more
largely upon the prompt, energetic, and intelligent
action of Congress than upon any other single
agency affecting the situation.

It is inspiring, too, to remember
that no great emergency in the one hundred and
eight years of our eventful national life has
ever arisen that has not been met with wisdom
and courage by the American people, with fidelity
to their best interests and highest destiny, and
to the honor of the American name. These years
of glorious history have exalted mankind and advanced
the cause of freedom throughout the world, and
immeasurably strengthened the precious free institutions
which we enjoy. The people love and will sustain
these institutions. The great essential to our
happiness and prosperity is that we adhere to
the principles upon which the Government was established
and insist upon their faithful observance. Equality
of rights must prevail, and our laws be always
and everywhere respected and obeyed. We may have
failed in the discharge of our full duty as citizens
of the great Republic, but it is consoling and
encouraging to realize that free speech, a free
press, free thought, free schools, the free and
unmolested right of religious liberty and worship,
and free and fair elections are dearer and more
universally enjoyed to-day than ever before. These
guaranties must be sacredly preserved and wisely
strengthened. The constituted authorities must
be cheerfully and vigorously upheld. Lynchings
must not be tolerated in a great and civilized
country like the United States; courts, not mobs,
must execute the penalties of the law. The preservation
of public order, the right of discussion, the
integrity of courts, and the orderly administration
of justice must continue forever the rock of safety
upon which our Government securely rests.

One of the lessons taught by the
late election, which all can rejoice in, is that
the citizens of the United States are both law-respecting
and law-abiding people, not easily swerved from
the path of patriotism and honor. This is in entire
accord with the genius of our institutions, and
but emphasizes the advantages of inculcating even
a greater love for law and order in the future.
Immunity should be granted to none who violate
the laws, whether individuals, corporations, or
communities; and as the Constitution imposes upon
the President the duty of both its own execution,
and of the statutes enacted in pursuance of its
provisions, I shall endeavor carefully to carry
them into effect. The declaration of the party
now restored to power has been in the past that
of "opposition to all combinations of capital
organized in trusts, or otherwise, to control
arbitrarily the condition of trade among our citizens,"
and it has supported "such legislation as
will prevent the execution of all schemes to oppress
the people by undue charges on their supplies,
or by unjust rates for the transportation of their
products to the market." This purpose will
be steadily pursued, both by the enforcement of
the laws now in existence and the recommendation
and support of such new statutes as may be necessary
to carry it into effect.

Our naturalization and immigration
laws should be further improved to the constant
promotion of a safer, a better, and a higher citizenship.
A grave peril to the Republic would be a citizenship
too ignorant to understand or too vicious to appreciate
the great value and beneficence of our institutions
and laws, and against all who come here to make
war upon them our gates must be promptly and tightly
closed. Nor must we be unmindful of the need of
improvement among our own citizens, but with the
zeal of our forefathers encourage the spread of
knowledge and free education. Illiteracy must
be banished from the land if we shall attain that
high destiny as the foremost of the enlightened
nations of the world which, under Providence,
we ought to achieve.

Reforms in the civil service must
go on; but the changes should be real and genuine,
not perfunctory, or prompted by a zeal in behalf
of any party simply because it happens to be in
power. As a member of Congress I voted and spoke
in favor of the present law, and I shall attempt
its enforcement in the spirit in which it was
enacted. The purpose in view was to secure the
most efficient service of the best men who would
accept appointment under the Government, retaining
faithful and devoted public servants in office,
but shielding none, under the authority of any
rule or custom, who are inefficient, incompetent,
or unworthy. The best interests of the country
demand this, and the people heartily approve the
law wherever and whenever it has been thus administrated.

Congress should give prompt attention
to the restoration of our American merchant marine,
once the pride of the seas in all the great ocean
highways of commerce. To my mind, few more important
subjects so imperatively demand its intelligent
consideration. The United States has progressed
with marvelous rapidity in every field of enterprise
and endeavor until we have become foremost in
nearly all the great lines of inland trade, commerce,
and industry. Yet, while this is true, our American
merchant marine has been steadily declining until
it is now lower, both in the percentage of tonnage
and the number of vessels employed, than it was
prior to the Civil War. Commendable progress has
been made of late years in the upbuilding of the
American Navy, but we must supplement these efforts
by providing as a proper consort for it a merchant
marine amply sufficient for our own carrying trade
to foreign countries. The question is one that
appeals both to our business necessities and the
patriotic aspirations of a great people.

It has been the policy of the United
States since the foundation of the Government
to cultivate relations of peace and amity with
all the nations of the world, and this accords
with my conception of our duty now. We have cherished
the policy of non-interference with affairs of
foreign governments wisely inaugurated by Washington,
keeping ourselves free from entanglement, either
as allies or foes, content to leave undisturbed
with them the settlement of their own domestic
concerns. It will be our aim to pursue a firm
and dignified foreign policy, which shall be just,
impartial, ever watchful of our national honor,
and always insisting upon the enforcement of the
lawful rights of American citizens everywhere.
Our diplomacy should seek nothing more and accept
nothing less than is due us. We want no wars of
conquest; we must avoid the temptation of territorial
aggression. War should never be entered upon until
every agency of peace has failed; peace is preferable
to war in almost every contingency. Arbitration
is the true method of settlement of international
as well as local or individual differences. It
was recognized as the best means of adjustment
of differences between employers and employees
by the Forty-ninth Congress, in 1886, and its
application was extended to our diplomatic relations
by the unanimous concurrence of the Senate and
House of the Fifty-first Congress in 1890. The
latter resolution was accepted as the basis of
negotiations with us by the British House of Commons
in 1893, and upon our invitation a treaty of arbitration
between the United States and Great Britain was
signed at Washington and transmitted to the Senate
for its ratification in January last. Since this
treaty is clearly the result of our own initiative;
since it has been recognized as the leading feature
of our foreign policy throughout our entire national
historythe adjustment of difficulties by
judicial methods rather than force of armsand
since it presents to the world the glorious example
of reason and peace, not passion and war, controlling
the relations between two of the greatest nations
in the world, an example certain to be followed
by others, I respectfully urge the early action
of the Senate thereon, not merely as a matter
of policy, but as a duty to mankind. The importance
and moral influence of the ratification of such
a treaty can hardly be overestimated in the cause
of advancing civilization. It may well engage
the best thought of the statesmen and people of
every country, and I cannot but consider it fortunate
that it was reserved to the United States to have
the leadership in so grand a work.

It has been the uniform practice
of each President to avoid, as far as possible,
the convening of Congress in extraordinary session.
It is an example which, under ordinary circumstances
and in the absence of a public necessity, is to
be commended. But a failure to convene the representatives
of the people in Congress in extra session when
it involves neglect of a public duty places the
responsibility of such neglect upon the Executive
himself. The condition of the public Treasury,
as has been indicated, demands the immediate consideration
of Congress. It alone has the power to provide
revenues for the Government. Not to convene it
under such circumstances I can view in no other
sense than the neglect of a plain duty. I do not
sympathize with the sentiment that Congress in
session is dangerous to our general business interests.
Its members are the agents of the people, and
their presence at the seat of Government in the
execution of the sovereign will should not operate
as an injury, but a benefit. There could be no
better time to put the Government upon a sound
financial and economic basis than now. The people
have only recently voted that this should be done,
and nothing is more binding upon the agents of
their will than the obligation of immediate action.
It has always seemed to me that the postponement
of the meeting of Congress until more than a year
after it has been chosen deprived Congress too
often of the inspiration of the popular will and
the country of the corresponding benefits. It
is evident, therefore, that to postpone action
in the presence of so great a necessity would
be unwise on the part of the Executive because
unjust to the interests of the people. Our action
now will be freer from mere partisan consideration
than if the question of tariff revision was postponed
until the regular session of Congress. We are
nearly two years from a Congressional election,
and politics cannot so greatly distract us as
if such contest was immediately pending. We can
approach the problem calmly and patriotically,
without fearing its effect upon an early election.

Our fellow-citizens who may disagree
with us upon the character of this legislation
prefer to have the question settled now, even
against their preconceived views, and perhaps
settled so reasonably, as I trust and believe
it will be, as to insure great permanence, than
to have further uncertainty menacing the vast
and varied business interests of the United States.
Again, whatever action Congress may take will
be given a fair opportunity for trial before the
people are called to pass judgment upon it, and
this I consider a great essential to the rightful
and lasting settlement of the question. In view
of these considerations, I shall deem it my duty
as President to convene Congress in extraordinary
session on Monday, the 15th day of March, 1897.

In conclusion, I congratulate the
country upon the fraternal spirit of the people
and the manifestations of good will everywhere
so apparent. The recent election not only most
fortunately demonstrated the obliteration of sectional
or geographical lines, but to some extent also
the prejudices which for years have distracted
our councils and marred our true greatness as
a nation. The triumph of the people, whose verdict
is carried into effect today, is not the triumph
of one section, nor wholly of one party, but of
all sections and all the people. The North and
the South no longer divide on the old lines, but
upon principles and policies; and in this fact
surely every lover of the country can find cause
for true felicitation. Let us rejoice in and cultivate
this spirit; it is ennobling and will be both
a gain and a blessing to our beloved country.
It will be my constant aim to do nothing, and
permit nothing to be done, that will arrest or
disturb this growing sentiment of unity and cooperation,
this revival of esteem and affiliation which now
animates so many thousands in both the old antagonistic
sections, but I shall cheerfully do everything
possible to promote and increase it.

Let me again repeat the words of
the oath administered by the Chief Justice which,
in their respective spheres, so far as applicable,
I would have all my countrymen observe: "I
will faithfully execute the office of President
of the United States, and will, to the best of
my ability, preserve, protect, and defend the
Constitution of the United States." This
is the obligation I have reverently taken before
the Lord Most High. To keep it will be my single
purpose, my constant prayer; and I shall confidently
rely upon the forbearance and assistance of all
the people in the discharge of my solemn responsibilities.